is having a negative impact. >> i think it is always destabilizing. stuart: we are out of time. i am sorry. dagen and connell, it is all yours. dagen: i am dagen mcdowell. connell: i am connell mcshane. what we do not know yet, though, is who may be responsible for the boston marathon bombings. dagen: what does this tragedy mean for our privacy and protecting it? the debate heats up with judge andrew napolitano. connell: all u.s. american flights grounded yesterday. ♪ connell: a big selloff in the markets. we will get to rich with the latest development now evolving president obama with these

powdered subsistence, ricin, or whatever they may be in a couple minutes. dagen: nicole petallides is at the new york stock exchange with more. nicole: easy come easy go. use all the up arrow's yesterday. how about the tech heavy nasdaq version mark down over 2%. you had earnings and both bank of america and intel are to the downside. some cases, seven week lows for the european stocks. back to you. connell: thank you, nicole. dagen: learning a second letter containing a powdered substance thought to be ricin was also

sent to president obama. connell: we do not know yet. rich edson has the story. rich: two letters, one sent to a senator, one sent to president obama. intercepted at a secondary facility. both containing a white powdery substance. the one sent to the senator preliminary tested positive for ricin. the one sent to president obama is also being tested right now. those who handled these letters are not showing any symptoms right now of being affected with some type of poison. this is from the wording that is in this fbi bulletin, both are postmarked out of memphis, tennessee. enclosed letters contain identical verbiage that include the phrase to see a wrong and unexposed it is to become a silent partner to its

continuance. >> they prove that our proactive measures we put in place do in fact work. the american people will find those responsible for the attack in washington and the letter here the capitol. rich: the investigation continues in the washington, d.c. area. the investigation also continues in the boston area. they found a nylon blackberry, pressure cookers, bbs and nails. back to you. connell: a number of things for us to talk about. let's start before we get to the markets and matt welsh.

we thought it was all about immigration and gun control. now, though boston bombings and these ricin attacks or whatever they turn out to be. >> it may be coming up that maybe tomorrow that it keeps getting changed. government and politicians always respond to crisis with an understanding to do something about it. dagen: janet napolitano saying can't do these budget cuts make it tougher for us to respond to incidents like austin and even hurricane sandy? will it also change the way

people respond. >> republicans are looking for a way out of that defense sector. there will be more pressure put on them right now. the people who wanted to wobble anyways, will be wobbling harder. we will not increase spending on anything right now. connell: i know it is tough a couple days after something like this happens and the development that are happening today, but what is your opinion? should we change the focus? >> in some ways it should focus our focus. think about 9/11.

we reacted to that with a big massive freak out, for lack of a better word. we are still taking off our shoes at the airports. we thought we needed to do something. let's remember that as we react to boston right now. let's focus on that. we need to realize that facing this horrifying attack, we will not make it better with coming up with security theater to the measures. dagen: it is almost impossible to link spending directly with an event like this. >> of course. dagen: knowing so little as we do right now even about the type of devices that were used in boston. you are hearing references to it, but not a direct link. >> this is an open country.

we run in marathons, we act in public, we cannot put everything down into a little security chokehold. it will not work. it is impossible. it will not make you safer. connell: after 9/11, that is one of the things we learned. thank you. dagen: at the emergency preparedness of all the responders in boston and the training they have gone through. it saves a lot of lives. connell: so many of those people, whether they were trained or not just running into the situation. dagen: triple digit loss. all this volatility, where do we go from here? can you make any link between what we found out between the

letters that have been sent? connell: what do you make of all of this? boy, it has been a crazy week. >> the market has been acceptable to selloff. the concern starter with slower growth in china and then transitioned to, obviously, some of these issues that brought back this concept of terrorism into the forefront. a lot to be fearful about in an economic standpoint. now, this offers investors just another thing to worry about. it could be the catalyst for at least a near-term the the client in stocks. dagen: convinced me to put money into the stock market. there is money barely flowing

and domestic funds. >> that has been the trend for the last few years really coming out of the magnificent downturn that we had back in 2008-2009. we think investors are kind of setting themselves up for its appointment by doing that. the return opportunity is very limited and in the meantime, other types of risks are gaining. dagen: you basically have to convince their clients that they are real idiots. connell: it is amazing, when you think about it, no matter what the event is that every time i think negative happens, even when our credit rating was downgraded, anything, you name

it, there is a flight to safety and safety means u.s. bonds. does that ever change? >> i think that there is much better value outside of treasury on for a long-term investor, obviously. as long as these sorts of events creep in and out, i think most investors are still looking over their shoulder concerned that another significant downturn is just around the corner. maybe we don't completely get away from mac, but as far as long-term investment opportunity, they are gradual, but opportunity is greater in stocks and it is starting to reflect that. dagen: where are you stocks versus treasuries now? >> more objectives.

we recently reduced bonds in favor of stocks to where our middle of the road balance allocation has 30% in bonds currently. 20% liquid alternative investments. connell: we have to run now. thank you. okay. back to the skies or it is promising, the latest on american airlines latest computer meltdown that left tens of thousands of passengers stranded. dagen: people at the airport were like what is going on. they have to look on the facebook pages to figure it out. america still on high alert after the boston bombing. authorities search for the person or persons responsible. also take a look at the oil market. selling off again today. eighty some dollars a barrel. ♪

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♪ dagen: it is a triple digit loss for the dow. how do you make money in this market? connell: charles payne is here. charles: you know, just kind of let it shake out a little bit here. my subscribers have about 20% in cash. i think a lot of bulls and bears are waiting for the markets to pull back. i do not like to read into it too much. we have to see where it comes. the earnings and banks were disappointing. citibank, bank of america, i think they are to opec. we would love to have .7 gdp

growth. that kind of stuff just comes here and there. i am kind of licking my chops, to be honest with you. dagen: what you really keep 24% of your money in cash at this point? you have to go with stocks, in terms of valuation. charles: i agree 1000%. a lot of americans, the dynamics of how we put our money into bonds minus 100 -- i think all that kind of stuff is out the window. connell: ebay. charles: him already in it. our subscribers are already in it. i have mentioned it on the air before. that could be one, if they do. got that could show some leadership. that will make a difference. we are hanging in there. connell: charles, thank you.

dagen: birdseye are still has a lot to prove at yahoo!. she says it will take years. get this ship turned around. charles: i believe marissa. a lot of people -- before thank you, charles. connell: let's go back to nicole petallides. nicole: this is a really down days. the dow jones industrials down 178 points. you see the pullback happening once again. much like what we saw on monday. we are also taking out the lows that we saw on monday. you remember late monday when the bomb occurred in boston. the are below those levels. obviously, a tough day. back to you. connell: thank you.

dagen: gold tumbling earlier this week. it has turned around a little bit. we have a guest coming up who still has a big bet on it. connell: we mentioned earlier this whole idea of a flight to safety. we are seeing, for example, a lot of strength in our current new. a big decline for the european currency. that is apparently making big and very happy. we will be right back on opel markets now". ♪ tdd# 1-800-345-2550 you should've seen me today.

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♪ >> i have your fox news minute. fox news confirming a second envelope with a powdered substance was sent to president obama. an earlier letter sent to mississippi senator tested positive for ricin. missouri senator says police do have a suspect in mind. britain's iron lady lay to rest. world leader from 170 countries at her funeral today.

they said goodbye to our grant thatcher. she let the united kingdom from 1979 to 1990. more than 4000 police officers were on duty. a new congressional report shows the pentagon spends more than $10 billion a year on bases abroad. 7 billion of that in south korea, japan and germany. those are your news headlines. back to two of my favorite people on the planet, dagen and connell. connell: you need to get out more. dagen: she means it about me. let's take a look at how gold is trading today. it is rebounding again today. up about four dollars an ounce. that one-day decline on monday. connell: the president of --

welcome back. good to see you. make the bullish case for gold. has this week change your mind? >> it has not. the developed world is still in this long drawnout deleveraging. you have negative real interest rates. you have money printing. in those environments, gold does very well. you have the goldman sachs downgrade. you have people picking sides. then you have the slowing chinese debt. i think that really hits the market all at once. that led to margins being that and they continue to tumble downwards. dagen: talk about the difference you are seeing in behavior. are you seeing any selling among those physical gold owners?

>> not as dramatic of a difference. we are a precious metals platform. on friday and monday, we had four to five times as many body and sell orders. we have done our own research. i think that plays into my point. it is somewhat reminiscent to what happened to apple. in the paper market, you have a dramatic selloff. in the physical market, the demand is very, very strong. connell: let's follow up on that. let's talk about apple. the big game for the dollar versus the euro. is that part of the case you make for gold?

>> i think part of the reason is for safety. in times like this, i think now is a fantastic entry point. it is certainly better than two weeks ago. it is uncorrelated. that last forever. hopefully it will bring the price back up. connell: she is trying to hold back. dagen: it does not have the magical properties. i do want to ask you about storage capacity. are we maxed out in terms of the ability to store gold? >> we are not maxed out. individual investors, i think they are hitting struggles. you are saying that on a retail level. on an institution level, you are

not saying that at all. connell: come back and hang out with us. i hope you like those. we like him as a guest. dagen: connell is very needed. [ laughter ] connell: the reopening of the privacy debate. privacy versus safety. judge andrew napolitano will come in on why there always will be a cost to our freedom. the market is off its lows. we did find some winners for you today. ♪

dagen: stocks now. we were looking at the intel stock after break. nicole: it has been a real winner. hitting that new high on so much good news from american girl dolls and the like. that is a glimpse of good news. the dow jones industrials down 145 points. you can see the red drop there. you can take a look at our major averages. you can see that the dow certainly has been struggling. it is down right now over 1%. it is down 1% exactly. the nasdaq composite down 1.9%. something to note. the numbers may be slightly different.

when you look at the dow jones industrials, 29 of the 30 names are to the downside. chevron, for example, energy has been one area for weakness today. ibm and united technologies, two other losers there. 17.4 ibm. the safe havens are the ones trying to hold on. telecom, utilities, healthcare, that is where you are seeing the area that are trying to hold on. on the s&p 500, as i noted, many names are with down arrows. back to you. dagen: thank you. connell: i want to follow-up on the story from the top of the hour about the suspicious package addressed to president obama. the testing has shown it does

contain ricin. we have this on top of everything else. i guess the system has worked, though, in terms of the outside facility that they use to scan the mail. we are going to talk about that topic we mentioned just a moment ago. it has reopened the debate, privacy versus safety. dagen: here to debate that is judge andrew napolitano. judge, good to see you. >> good morning. dagen: do we need to worry about encroachment on our privacy just as an aftermath of this bombing? >> yes, we do. there is a natural inclination when they are afraid to reach for safety rather than liberty.

in both of those inclinations, it is liberty that is sacrifice. often, i know this sounds like a cliché, it is true and it is a cliché. think about the things that we thought were radical and we gave up at the time of 9/11. federal agents can write their own search warrants. we wrote the fourth amendment so that would not happen. that is not common place. the government will reach for more power. it wants its job to be easier. it also wants people to be placated beard people will let the government do it because they want to feel safe. they will forget that when the reason passes, when the better times come, we will have less

connell: where is the legal line drawn on some of these key issues that people bring up? tapping the phones caught surveillance cameras in the streets -- >> i live in a very small rural town in northwest new jersey and that town is filled with surveillance cameras. i was told they are just watching, not listening. we laugh at this. you are walking down the street with your significant or other, do you really expect the police to be listening to you? this will profoundly change the way we live our lives.

this, obviously happens to human beings. the law is, in public there is no expectation of privacy. what we are looking at right now, the microphones and cameras are legal. the police would have to go to a judge with probable cause. what crime have i committed? probable cause of crime. that is still the law of the land. the question is, will the courts and police respect the law of the land or will they be so terrified of terrorists that they will disobey the law of the land and then they, will be taking away our freedoms. dagen: we have given so much of of our freedom.

basically, should the government have the right to look into that information? should we give the government greater leeway because the world has changed that way? >> i do not think we should. would it be easier if the police could break down any door they wanted and arrest whoever they wanted? who would want to live in such a society. in east germany it was a crime to fail to report another crime. if your observation of a crime was on tape, not only would the crime be prosecuted, you would be prosecuted for figure to report it. do we really want to live that? if we do, we will never know freedom. if we do not, there will always be risks. in return for the risk is personal liberty in a free society. connell: thank you judge.

dagen: good to see you. judge andrew napolitano. connell: u-haul. we have for you now the top five. coming in at number one houston. that is followed by orlando. chicago, vegas and san antonio. u-haul database on the destination of it trucks rented for a one-way move. a different survey by penske ranks atlanta at number one. take it for what it is worth. dagen: where would you rather live? connell: i love living here in new york sued for that was not one of the five. connell: i like chicago. what about you? dagen: houston. connell: let's move on. dagen: okay.

straightahead, we had to boston for a live update on the bombing there. connell: the cancel and delay of american airlines. everything is back to normal today. treasuries, we mentioned this earlier. it keeps going down on the ten year note. ♪ this is america.

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you are gonna need a wingman. and my cash back keeps the party going. but my airline miles take it worldwide. [ male announcer ] it shouldn't be this hard. with creditcards.com, it's easy to search hundreds of cards and apply online. creditcards.com. ♪ >> i am lori rothman with with your fox business brief. it is a down day for the markets. right now the dow is off 135 points. 14,620. the u.s. supreme court rules on one of the biggest human rights cases in years. they threw out a suit that showed a facilitating torture and execution in nigeria.

they say federal courts do not have jurisdiction to hear lawsuits against foreign corporations. toyota is local sales of its gas electric hybrid models passed the 5 million mark at the end of march. toyota is promising 18 new models by the end of 2016. that is the latest from the fox business network. giving you the power to prosper. ♪ all stations come over to mission a for a final go. this is for real this time. step seven point two one two. rify and lock. command is locked. five seconds.

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dagen: now want to boston and the latest developments on the bombings at the boston marathon. connell: we are live in boston with the very latest. >> we are getting more information about the bombs. we still do not have any inside animation on the person or the people who were involved. there were numerous photos that have come out. they have these crime scene photos. they showed exactly what investigators have been talking about. these black nylon bags. they believe the bombs were made of pressure cookers. that is what these photos show, a pressure cooker. the ball bearings, metal shrapnel and nails. that is really what these photos do is brought in the that

investigators have painted. they will be rebuilding and assessing these bonds trying to figure out who the manufacturer of the various items used in this. the fbi says they have received 2000 tips over the course of this investigation. one of the boston television stations has a before and after picture. right before one of the bombs exploded. it shows a back there on the sidewalk just inches from spectators. then it shows the carnage immediately following the explosion. a lot for investigators to work

with as they are moving through all of this. in the meantime, the city of boston is slowly reclaiming its streets. the boston common is filled witt people today. the swan boats are back out. there is a tremendous police presence. we are seeing police on bikes and motorcycles. it is clear there is a high end state of vigilance here in the city of boston. numerous visuals being held as well. everyone is pulling together and there is more good in this world than evil. we had a chance to speak with some folks that attended that by dagen: thank you. molly in boston. moving on to this story, american airlines yesterday

forced to ground all flights for several hours in the afternoon because of an outage with its reservation system. they canceled or delayed about 2000 flights. roughly 1000 cancellations, the other thousand word delays. they plan to resume to normal service today. take a look at the airline stocks. american caught gate attendant in the people working for the airline or so out of it, so clueless, they were literally checking the american airlines facebook page trying to get updates on what the heck was going on. this reservation system is not just bookings. it is like crew assignments, it determines how much plane's way, how much fuel is needed.

connell: with that and the airlines, let's shift the focus to another addition of stocks now. let's talk about thanks. particularly, bank of america. >> i think there are a couple big stable names that are out there. clearly, the financial are considering what we went through in 2008. the numbers we got today were conflicting and concerning. i am starting to see a pattern here where we have a disconnect on the earnings-per-share versus the revenue. i think investors want to see a correlation between the two. i think the biggest concern here is what the landscape will look like in the financial sector moving forward. how regulations will look moving forward. at what point do we see these larger corporations scaling

back? we have american express coming out after the bell today. we have a few more coming tomorrow morning that i think we will see are pretty significant. connell: it sounds to me, jonathan, that your assessment of this is we have concerned now about the entire industry. is that fair? >> absolutely. bigger concerns coming down to the regulation aspect of it. kind of a slow-moving process down there. it is not as an individual stock or individual area. it is the overall macro sector

of what these companies will be looking to do and be profitable in the future. connell: thank you for checking in, as always. >> thank you steve for a live look of the briefing room at the white house. we will take you to jay carney's daily briefing as he begins to speak. we are waiting for the daily press to begin. there was a suspicious package reported at the hart building down in d.c. also, of course, we are talking about that second suspicious mailing containing a substance that shows it is ricin. it was sent to president obama. one was sent to a senator from mississippi. somewhat similar to what we saw in the aftermath of 9/11. the anthrax attack.

putting one on edge to say the least. connell: we will check back in in a minute. first, fix bikes in the wall street fear index, as it is no. investors are also on high alert. dagen: sandra smith joins us from the pits of the cme. sandra: folks are on edge. it is not just outside of the trading floors. when you take a look at the mix, the fear gauge, this is a prediction in the marketplace of expected volatility over the next 30 days in the stock market. it uses s&p stock options to measure about volatility. there is heightened here in the marketplace. it is up more than reports. you are looking at a double-digit percentage increase. this is a huge spike.

we saw a lot of complacency in the stock market. it has been very low for a long time. the stock market kept hitting record after record. now you are saying that volatility expectation. we are seeing big spikes this week. also, investors who do not want to buy in general, they are buying the vix in the stock market. if you throw up some of these hot boards, these are various forms of the vix in exchange traded products that folks are trading out there to own the volatility in this environment. if you are fearful that they could be a big swing to the upside or downside and you want to protect your portfolio, there is a big rush into these volatility instruments. up double digits right now. we are above 17. 1707.

we had been at 13 for quite some time. take a look at the stock arquette right now. the s&p 500 down 23. the nasdaq down 53 right now. the dow jones industrial average down 142. often times you get that spike when you see the stock market falling like it is right now. that is very much intact right now. fear returning to the marketplaces. oil right now down a dollar 68. we had inventory data out this morning. gold prices are flat on the session. some unusual trading activity. certainly fear returning back to the marketplace. connell: do you also see it for whatever it may be worth in the conversation on the trading floor that people are having? are they more focused on technicals and fundamentals, things they would normally be focused on any day the market is

selling off? >> interesting point. a lot of traders looked around on monday and set these markets are so vulnerable. gold prices have been plunging. oil prices on the client. then you get this added sense of fear in the marketplace. you get a lot of liquidation. we are certainly seeing that happen right now. there is a high incidence of fear on the trading floor right now. i would definitely say that. connell: thank you sandra. sandra smith in chicago for us. dagen: we go back to nicole petallides for a deeper look. you are talking about winners earlier. nicole: there are some winners on lawsuit. they are tougher to find today. we are seeing broad-based selling.

more of the sensitive sectors such as energy and industrials and technology are really under pressure. there is the dow for you. down about 1%. just moments ago i checked the s&p 500487 names are selling off. the imf cutting its forecast for this year and next year. we are seeing europe selloff. once again, people are talking about this suspicious package in d.c. concerns about what is going on with terrorism. obviously, that is front and center. back to you. dagen: thank you, nicole. connell: some stocks have hit 52 week highs. johnson & johnson. some of the utilities. let's go to rich ads in one get on the breaking story in washington, d.c. what do you know about the suspicious package?

rich: there are two possibly, three possibly suspicious packages or envelopes throughout senate office buildings. hart and russell. the agency is saying right now capitol police are informing them that there are suspicious packages and envelopes. they have cleared some pieces of the area of those two senate office buildings which are right across the street from the capitol building. the preliminary test for the letter sent to president obama has preliminary tested for ricin. those two were intercepted before hand at a third-party facility. they are being analyzed right now. back to you. dagen: thank you for that. connell: live coverage in the briefing room. jay carney and his briefing on all of those events that rich went up under.

♪

dagen: breaking news from washington, a live picture of the briefing room at the white house. at any moment, we expect to see jay carney to update us. i'm cheryl:. dennis: i'm dennis kneale. another envelope showing up, directed at president obama. cheryl: update here, at this point as richard reported with dagne, the heart in the buildings colossianed now, two to three suspicious packages have been found. also, letters being sent, preliminary letter internet to president obama containing ricen, a poisen found in beans, but now all of this, of course k

on the heels of the events in boston. we have high tension now in washington. dennis: it's this, you'd think it might come from the same source whoever that might be and bipartisan. the first to a republican; right? cheryl: right. it is the top the hour. bringing on nicole. we may interrupt you, nicole, apologies, but how are the markets looking, noted dpoo, absolutely. >> absolutely. this is breaking news, covering it for you on the dow jones industrials, 145 points, worth one percentage point and the s&p 5 # 00 down 1.5%. nasdaq down 2% today. of course, worries here at home with suspicious packages and envelopes and terror in boston, and so all of that, obviously, weighs on the markets and sentiments. we have what we see in europe, a different picture, but an economy under pressure there.

imf cut forecasts. there's a broad based selloff, 147 names of the s&p 500 with down arrows. the defensive names trying to squeeze out up arrow, but i wanted to look here at apple, a new low, new 52-week low. last september, $705. and now it's $403. selling off significantly, more than 40% from the september highs. latest report is from digi times about the report that ipad minis are not getting the orders or shipping the way they hoped origin thally. obviously, under pressure there for apple as well. back to you. dennis: thanks very much, nicole. rich edson has the latest at the white house with the suspicious packages in washington. rich? >> two senate aids told us messages they got from the u.s. capitol police department. there is one suspicious package in the atrium of the heart office building and suspicious envelope on the third floor of

the senate building, and russell building, a suspicious envelope on the third floor. these are across the capitol building housing senate and committee staff. they are continuing to investigate that. as for the suspicious letter sent to president obama, the fbi confirming that the one sent to president obama just like the one sent to senator wicker initially, preliminarily tested positive for ricin. they were letters intercemented in a secondary processing source, did not go to the white house or capitol hill, those letters. from the fbi, obtained by the justice producer here at fox news, that no one who handled the letterings, at least the one to the president and senator wicker has shown symptoms of poisenning, but the letters are identical. the fbi says both are postmarked from memphis, tennessee, 8th of

april 20 # 13, including praises, "to see a wrong and not expose it is to be a silent party in the continue wans, signed i am kc, and i approve this message." two letters intercepted, one on the way to the white house to the president, intercepted before it got here, one to senator roger wicker, prelim tear tested positive for ricin, and the fbi going through that. the one suspicious package and two suspicious enveloped found and investigated in the senate office buildings as we speak. cheryl: we are getting a message, calling, obviously, in the bureau in washington, and she's saying -- she talked with a staffer at senator richard shelby's office says, quote, a suspicious package delivered to the front office and everyone investigating. everyone is okay, i don't know if you see the headlines, but

fox news channel over there with more details. dennis: rich, do you know how it is they screened packages and found them before they got to the destination? that's preemptive work there. >> right. well, it could be something as simple as them opening the package and spilling oh. we don't know how the process has gone. no information on how they were intercepted. senator richard shelby's office is on the third floor of russell, one of the three alerts discussed. dennis: sent before the events in boston, no link there, and i remember after 9/11, there was anthrax, but the timing is interesting. cheryl: jerry, i know we brought you in to talk about other issues in politics, but can you stay on the story awaiting, again, to see jay carney to address the media and press briefing. we'll be live here, but first,

gerri, thoughts on the packages, threats to the officials in washington, not surprising, but the timing is disconcerning. >> yeah, looks coincidental. two things to keep in mind is the letters, they seem real. you know, two letters unone to somebody in the senate, the other to the white house. those seem to be real. the packages less real. we're at a time in washington, back to the anthrax scare, where things look suspicious today that didn't look suspicious two days ago. bear that in mind. the other thing i would say is this is an interesting indication that the post-app thrax scare and post 9/11 system works. both intercepted not at the white house or office, but remote screening facilities set up after the scare. exactly how they were pulled out is not clear yet, but if the system weren't there, we would be talking about letters that reached the destination, but now

we talk about letters that didn't make it to the destination, and that's the good news part of the story. >> good point. nice to do something right and learn from past mistakes. you know, seems like already both politicians from both parties used the boston bombings as an argument for more government spending on security, an argument against the sequester, and it seems like this was the suspicious package and ricin leads to more calls for more spending. what do you think? >> sort this out too, a little bit. talking about how the sequester may have contributed to this is a little silly. these things are happening not in that kind of realtime, and sequester cuts don't have that realtime effect. there's a broader question which has to do with how much money is spent on homeland security, not cheap to create homeland security in any way, and there's less obvious thing the federal government does, which is not long term, not short term, is it helps local communities, cities, and counties provide law enforcement resources.

if that money is chucked off, eventually, you have fewer cops on the street and fewer cars looking for things that might happen. a legitimate long term issue, not legitimate to think of it as a short term issue having to do with the sequester. cheryl: rich, reporting crossing, but i want to ask you about the suspicious packages how often do these actually arrive at capitol hill? again, probably not a surprise they get hate mail, they get letters, prozesters all over washington. that's the day-to-day structure of dc, but when you see this many packages arriving on one day, is that that out of the ordinary, rich? >> they get a lot of 2nd graders who leave backpacks in the hallway, clearing out the hallway for hours, that's a routine. sometimes it's easy to get lost in the events as they unfold. we get suspicious package alerts all the time in dc closing down

pennsylvania avenue all the time. this is the season where it happens. last month, tourists, that traffic has picked up in washington, d.c., but a lot of kids, leaving bags around, we're not sure, taking it out of the context of what has happened with the envelopes that preliminarily tested positive for ricin, and in and of themselves would not cause a stir on capitol hill because it is common to get suspicious package a letters. dennis: already, republicans suggest the boston attacks were reason to derail the immigration reform bill for right now. i mean, is washington going to be so security conscious other major agenda items are put on neutral? >> look, that's a legitimate threat, i guess, a legitimate possibility. i think that's also a stretch. if you think about the immigration bill and worried about people who don't have background checks floating around the country, there's 111 million or 12 million illegal

aliens here. one of the immigration reform is create a system in which the people if they come in out of the dark and cold have to go through background checks and it would do things to secure the border. there's the reverse argument if you're interested in securing the country geeps those who have not been thoroughly screened before they get here, it's an argument for the immigration bill as much as it is against one. cheryl: we'll hear a lot from washington and expect to see, again, jay carney come to the podium. we'll take the comments live, him, of course, to address the latest on the issues in boston, and, also, talk about the suspicious packages and possibly will address a letter sent to the president that has preliminarily, anyway, tested positive for ricin. that is a poisen. we'll take a quick break. before we go, look at the markets, a rough day right now on the stock market. we had a volatile week. sandra said, the vix is high now, up double digits, 158

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cheryl: waiting to see white house press secretary address the media, beginning to sit down. a signal usually that he's about to come out and take the stage, if you will. we got that two-minute warning. our viewers know that well. obviously, looking for several things from the press briefing right now. we want to hear the latest on the suspicious package, that is just been breaking in the last 30 minutes here on "markets now," one in the atrium of the senate office heart building and third floor of the russell building, and suspicious tested positive for ricin, sent to the president, and we're expected to hear jay carney, dennis, talk about the latest with boston. dennis: stocks, you know, the fear is back, dow below 14, jfer -- 14600, first and third floors and one package on the third of

the russell building. three packages in addition to the obama letter as well as the -- cheryl: markets happening, all breaking news from washington and breaking news into the markets, pushing session lows on the dow, 165, nasdaq, s&p, and big piece of nasdaq now is apple shares testing that 400 level. dennis: the ipad minis priced too expensive, but this is a fierce sell off, down below we were after the monday sell off after falling 260 points, down below that. cheryl: volatility, sandra talked about it in 20 minutes, seeing an incredible amount of volatility. triple digit point swings for the market this week on the dow, every single day we have seen this. it's been absolutely, i mean, a real -- spinning head left and

right to keep up. dennis: vix down to 12, historic lows, not that low in many years, and any time you see that, you worry about complacency in the markets, and now it's $17, higher than the usual average of 14-15. dow down 176. in doubt, you sell, especially given the s&p 500 since november up 16%. you got to take profits before you get back in. cheryl: yeah. as we wait for jay, again, the two-minute briefing, again, nicole, apologize if we have to interrupt you, but we're hitting session lows on the dough right now as we speak. there's a momentum on selling. what's happening? >> that's right. big news, watching the markets, watching what's going on in washington at the moment. we'll break off if we need to right away. the dow jones industrials, session lows down 1.1%. all the major names on the dow to the downside with the exception of johnson & johnson. back to you.

cheryl: we have jay carney at the white house for the briefing. >> i know there are several matters that i'm sure you're interested in discussing today. a couple of issues that are under investigation by the fbi, and i'll start with that and take questions. as you saw from a statement from the fbi as well as a statement from the united states secret service, there was a letter sent to, addressed to the president that at an off-site mail facility, was noticed to have a suspicious substance and tests were undertaken. the fbi has the lead in that investigation and said in the statement they'll be conducting further tests to determine what the nature of the substance is. of course, another letter was sent or detected by capital police that was sent to the united states senator that's also been subject of the

investigation by the fbi. for more information about these matter, i'll refer you to the fbi. the president, i'm sure, you'll ask, the president has been briefed on the letters, briefed last night and again this morning. secondly, there is, obviously, interest in the explosions in boston, and i wanted to make clear as you heard from the president yesterday that our hearts and prayers go out to the victims and families injured, as well as killed in the act. the federal weight behind the investigation is led by the fbi. as the president said, we'll find out who did this, find out why, and bring those responsible to justice. that said,s is very important that we allow the investigation to run its full course and retain the integrity of that investigation. therefore, on matters related to

the investigation, i would direct you to the fbi. as you know, the fbi is giving them pressings in boston with another briefing today. the president, as you know, has been briefed regularly on the incident in boston. beginning almost immediately after it took place. this morning, the president, again, convened a meeting in the oval office with the national security team on the ongoing investigation, participating in that briefing was the attorney general, eric holder, the fbi director, robert muller, the president's chief of staff, his national security adviser, his homeland security adviser and counterterrorism adviser, and deputy national security adviser, white house council kathy, deputy chief of staff, and deputy national security adviser ben rhodes, and the vice

president's national security adviser, jake sullivan. tomorrow, the president travels to boston to speak in an interfaith service dedicated to those gravely wounded or kimed -- killed in monday's bombing. the first lady will be joining the president on the trip to boston. with that, i'll take your questions. >> obviously, the public is already pretty nervous begin the situation in boston. has the fbi told the white house about anything whether the letters received are related to the boston incident? >> pointing you to the statement that the fbi put out, my understanding they have not made the connection, but i refer you to the fbi for that. >> do you know if they are not making that connection or ruled out the connection? >> i refer you to the fbi. >> there's nothing to say to the public to reassure them? >> in line, as you know, for a long time now, there's been long established procedures and protocols. any time a suspicious suspicious

in the facility, it's tested. i understand underscore the mail sent here is screened, and these tests are undertaken in remolt sites to mitigate risks to the recipients and general population. the fbi has lead for determining whether a suspicious powder is a dangerous substance like ricin, and those take place at an accredited facility, and they take a certain amount of time that the fbi has indicated. you know, these procedures are in place, the procedures are in effect in operation now in the midst of the process which the fbi is undertaking at this time. >> again, nothing you can say about whether there's any connection between the letters? >> i point you to the fbi with the lead investigation, the lead in the investigation into each matter, and what they have said about this, and their assessments on any connection between these two matters. >> i imagine you'll point me to

the fbi as well, but is there any indication on the boston explosion on whether this looks to be a foreign terrorist incident or domestic incident? >> what the president said yesterday remains true today, which is that there's an active investigation ongoing. we have the full weight of the federal government behind this investigation led by the fbi. all components of the federal government are assisting, incoming the intelligence community and others, assisting state and local authorities and the fbi in the investigation. as the president said, we do not know at this time yet whether it was an organization or an individual, foreign or domestic, but we will find out. we will hold accountable and bring to justice whoever is responsible. this investigation is now not even 48 hours old, and it is

important that we maintain the integrity of the ininterest -- investigation. it is important as both state and local law enforcement officials and government officials as well as federal officials made clear that the american people provide whatever information they might have that could be of assistance in this investigation. there is an 800-number, 1-800-callfbi, put out to provide a method for individuals who might have information to contact law enforcement on this matter, and that is absolutely the responsible thing to do, but the details of the progress of the investigation, assessments about preliminary assessments about who may be responsible, i will not make, and i think that as a matter of upholding the integrity of the investigation,

others will not as well. yes? >> jay, there's still police tape up or around pennsylvania avenue by the white house. is that a temporary measure or a threat to the white house that other than the letters? >> i'm not aware of any. the secret service said yesterday out of normal procedures and an abundance p of caution certain actions are taken, but i would refer you to them for any details about the perimeter and any actions the secret service might be taking today. >> is the president discouraged at all by the fact there are not more leads in the boston bombing? >> i wouldn't say one way or the other because it's important to allow the investigators to do their work. he's being briefed on this regularly. he had a substantial meeting earlier today his counterterrorism security adviser is updating him

continually throughout the day and the evening and the night on these matters, but i wouldn't characterize his view of the investigation because that would then characterize the investigation. >> [inaudible] >> >> it will be one of resolve, one of the commonality we feel with americans for the people of boston, those running in the marathon, visiting the marathon, both who endured the horrific event, and demonstrated their bravery in the immediate aftermath. i ask you to wait until you hear the remarks, but as you heard him say yesterday from the podium, the way the people of boston and city of boston responded, it reminds us and the

world who we are as a people. >> how did he react to the briefings about the letters that were addressed to him? >> he was briefed on the matters, i don't have a way to characterize reactions. obviously, he understands, and we all understand there's procedures in place as the fbi said. there's a process in place that ensures that materials that are suspicious or substances found to be suspicious at remote locations are then sent for secondary and more intense testing, and that process is underway now. yes? >> jay, following on julie's question, they say there's no indication of the connection of the attacks in boston. why -- they won't explicitly rule out a connection, nor will you, why is that? >> well, i point to the fbi, which you just cited, where they

say there's no indication, that's a clear statement -- >> but there's a the possibility of a connection? reassuring to stand there and say there's a connection. >> that's for the investigatorring authorities to say, they made a pretty clear suggestion that i suggested to julie that was available in the statement put out. i'm not going to assess further from here. i would remind you these investigations, both of the bombings in boston and letters in question here are just underway, and i issue yorks know, i wouldn't presume to characterize the nature of the investigations. i would point to the statement by the fbi, as you said, that they made -- said they have no indication of a connection between the two. >> there's a lot of letters -- to clarify, the statement referring to two different facilities. we also know of a letter that was sent to capitol hill.

can you clarify that? three facilities and letters total or two? >> i refer you to the fbi. i'm aware of a letter sent to a member of the senate and a letter sent to the president, but i -- there have been reports that the fbi said of other potential letters. i don't know if that's the case. i refer you to the statement by the fbi. >> given this number of letters, possible suspicious package up there, is it concerning to the administration there's something else going on here, that there's somebody trying to follow on, a lone wolf, capitalizing on the concern after boston? >> i think those are questions that investigators are looking to answer. i would point you to what the fbi said already, what the secret service said, and make clear that we have had procedures in place for quite some time now when it comes to the processing of mail sent to

the white house complex that insure that that mail is processed at a facility to justify set risk to recipients here and to the general public, and that those procedures have been in place for some time and have been effective. check with the fbi to see what assessments they'll make along the lines you ask, but this, again, early. >> one more, which is is this something -- cheryl: we've been monitoring the press briefing by jay carney with three issues happening here, commented on them, somewhat, referring reporters to the fbi. first, the president, that preliminary testing on a letter sent to the president that was preliminarily testing positive for ricin. the president has been briefed on that. the president is kept abreast, of course; of the latest developments in boston and of the fact there are now suspicious packages right now invest gaited on capitol hill.

this, on a big day, of course, for the markets, and the markets going, oh. dennis: dow sell off down 14566, and meanwhile, things moving on the wire. suspicious package in a bank in atlanta, closing down roads there as well as a suspicious package found in the michigan office of senator levin. it could be people being cautious, but letting you know about that. the bomb squad arrived at the hart office building. we have rich edson with the latest there. rich? >> recap everything here. first off, jay carney referenced this fbi statement. to point it out, the fbi saying just this hour that filters in a second government mail screening facility preliminarily tested positive for ricin this morning, mail from that facility is being tested. what's not clear is if this represents another incident. it seems to be representative of that, but they also added there is no indication of a connection

to the attack in boston. what's also come out, you mentioned it, dennis, senator levin in an office in michigan saw a suspicious-looking letter received at the michigan office. there's an investigation there. what we just learned last hour, there is one suspicious package in the hart atrium, senate office building, third floor of hart senate office build, and one in russell, suspicious letter in the russell senate office building, and senator richard shelby of alabama confirming his office received a suspicious package -- suspicious letter. his office is in russell. we were urged by authorities to have a heightened sense of caution. it would be that. we don't know. just laying out suspicious package alerts doesn't mean there's a problem with them, but they are invest gaited. what we do know is what we heard yesterday and earlier today, and that one letter sent to roger wicker, a senator from

mississippi and one sent to president obama intercepted at off-party sites, preliminarily tested positive, and right now, the fbi is checking to see if those, indeed, are filled with ricin. back to you. dennis: thanks a lot. let's go to charles payne. charles, the dow down now, the fear back. is this a flex point? >> we're not sure. some take profits, could be late to the game or saying, listen, you know, i want to cut the losses. what i wanted to do is say key numbers on the downside. numbers, the kind of numbers of wall street watches like support numbers, where we go that you have to make a stand. for the dow now, 14500 is that really key support number, plus or my nos. i use exponential moving average, it's 14322, the

downside risk. if that didn't hold, and that's what i consider a must-hold point. look at what's going op with the pull back. everyone was looking for the pull back. i mean, you know, the market was due, no one could argue that. dennis: found a reason, finally. >> right, disappointing news china, europe, and the bombs, and now the letters. what matters longer term is the economic data. mixed domestic news, disappointment from china, and disastrous european news. they are not new per se, so that brings illness back on u.s. data heightening how important it is for the news that comes from -- cheryl: a big move as far as defensive, people going definitely for defensive sectors and stocks right now. charles, thank you so much. >> oh, germany is hammered. that's a big thing. cheryl: charles, thank you. nicole on the floor of the new york stock exchange, and, again,

fresh session lows for the dow during that briefing, and back up a little bit, but still holding to the low level. >> right. there's fear in the markets, nervousness is back, the vix, fear index up 24% today, a good indication that there is nervousness here on wall street. all three major averages are not far off the session lows. the tech heavy nasdaq are the worst of the bunch at the moment, down two aeroa quarter percent. i wanted to look at names hitting the 52-week lows on the s&p 500 including materials, energy, technology, and some economically sensitive-type companies with u.s. steel, we should also watch apple very closely which is hovering around 400. we have not seen the low, 400, obviously, in some time since early 2011. watching that closely as well. back to you. cheryl: nicole, thank you very much. we right now go back to washington to see more breaking

news coming from washington, there's now a press conference by u.s. capitol police briefing reporters on a situation there. let's listen in. >> >> that's all i know now. >> sorry, excuse me? russell and hart. >> first and third floors of hart -- >> all i can tell you right now is we are investigating the suspicious envelopes in both areas. >> an individual -- >> that's all i can tell you right now. >> [inaudible] >> i'll be back with more information as soon as i receive it. >> is there a bomb squad on-site? cheryl: we wants to briefly check in with the u.s. capitol police, and he's trying to get away from the microphone and reporters. it's a fluid situation happening in washington right now as we are watching from new york city. we're watching these markets. the dow down 171 points. it we get more details from washington, we'll bring that for you. we have to focus attention back on the major averages today, a very volatile week. we have a guest right now who

says not to worry about the wild swings saying not to worry about volatility because markets can and are pushing higher in the wrong direction. there's less risk in europe, modest u.s. economic growth, and stimulus actions in the markets. breaking news from washington, but we are seeing right now, dean, a very volatile week. we got, you know, triple digit swings every single day. worries about terrorism. we now got issues happening in washington with safety. are you concerned from a market's per perspective about t you see? >> good to see you. how are you? at the beginning of the year, brookstone's storm, there's a bullish case. the four pillars were the monetary policy, decent growth

in china would lower expectations, tail risk in europe is compressed, frankly, and moderate economic growth in the u.s. to not force the fed to take the breaks off of the monetary policy. cheryl: we were going through that, you know, those are points i wanted to show the viewers, but more importantly, you say the central bank continues to pump liquidity in the markets, not to worry, but there's volatility at all-time highs right now. major u.s. companies hitting 52-week lows, apple affected, and down more than 2%. this is the type of week where investors say i'm going to make it to may and take the summer off. there's a retail investor, address that person. >> right. well, you know, we look at earn's growth, there's 50 companies in the s&p 500 report, exceeded expectations, but the rate of change is really

troublesome to us, frankly, so earnings growth has been flat or negative. that's a concern, frankly. moverring forward. 70% of the large institutions say the sell and go away theory, happening three years in a row now, may happen again. they may take chips off the table, becoming where period of times are taken -- profits are taken and a summer swoon here. cheryl: treasury profits go higher, dollar higher, a flight to safety. the only exception in this is gold. address gold quick. >> all right. gold. what's interesting because we should not be surprised by the move that items like gold make only to correct about 30-40%. i mean, folks, listen, we have gone through this before with the dot-com crash ten years ago. stocks like apple, the housing

sector, moves revert to the mean. we are not surprised by this. it's clearly shattered through testing levels in a rapid fashion, but it's that move that we're not surprised, brings on a 35% correction or so. cheryl: thank you for standing by and for the patience with the breaking news in the hour. thank you very much. once again, dow down 165 points, a lot of breaking news from washington, reporters are standing by in washington at the exchanges here in new york, watching "markets now" on fox business. we'll be right back.got it, yokh ♪ copd includes emphysema and chronic bronchitis. spiriva is a once-daily inhaled copd maintenance treatment that helps open my obstructed airways for a full 24 hours. you know, spiriva helps me breathe easier. spiriva handihaler tiotropium bromide inhalation powder does not replace fast-acting inhalers for sudden symptoms.

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♪ tracy: i'm tracy burns with the fox business brief. a sea of red on wall street after several disappointing earnings reports, and another drop in commodity prices. right now, the dow is down 172 points. after several highs profile mishaps, carnival cruise lines spend more than 3 # 00 million to upgrade its fleet to improve dependability. the overall will include significant enhancements to emergency power capabilities, newfire safety technology, and improved operating procedures. the carp value corporation making improvements to ships in the line. bmw is producing the mini in india, part of the plan to sell the premium small car at lower prices and expand the sales. the imported cars in india,

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but my airline miles take it worldwide. [ male announcer ] it shouldn't be this hard. with creditcards.com, it's easy to search hundreds of cards and apply online. creditcards.com. dennis: what we know on the lathest, u.s. capitol police in washington cleared two senate office buildings, suspicious package arrived there, two in the hart, first and third floor, and one in the russell building, third floor, a bomb squad arrived at the hart building to look at that. we have a letter, remember, ricin poisen letter went to a republican senator, and now one addressed to president obama was intercepted before it got to him. they are looking into that because ricin is a material poisen, and elsewhere, we have a suspicious package in a bank in atlanta shutting down the road there around that bank, a suspicious in michigan. some of this could be merely overly cautious as we are

worried about this. the fact that the suspicious packages come two days after the attacks in boston, of course, adding to the tense situation for all. the dow down 175 points, actually down worse at 14581. cheryl? cheryl: all right. we are watching right now shares of bank of america as they are trading right now. as you see on the screen, as you look at the stock, not a good day for bank of america. the stock is actually, well, there you go, guys, thank you very much. the stock down more than 6%. the selling of bank of america has picked up some steam throughout the morning, bac down 75 cents. the aspen institute put in a better banking project survey this morning showing that bank of america is one of the least trusted bank brands. former senior t.a.r.p. and treasury officer joining us now. about the aspen institute information, but back to bank of america and earnings. one of the least trusted names as you say, but these numbers

of, this bank is not making a turn around. >> revenues down, profits down. they still got issues with regards to mortgage settlements. you're now at the bank of america, i know you focused on that company as treasury. >> that's rightment i think you're seeing the reflection in the market today. unfortunately, one of the things they need to drive forward on now is getting revenue in the core business, the largest part of bank of america, and in order to do that, it really takes trust, and one of the things that the research out shows they are among the lowest in the terms of trust ranking, and what we found is what drives trust in banking is it's not fairness, and it's not honesty, but helpfulness, are you helping me as a bank, and clearly, bank of america's customers are not feeling that way. last week, the regional managers said we have to cross sale products, selling multiple products to more than one customer. that's not going to happen if you don't have a trusting relationship, and you notice, actually, on that same chart of

the ranking of brands, wells fargo is high on the trust ladder and do a good job at cross selling. cheryl: we have a graphic to show the viewers who could be surprised by the names, usaa, and underneath that is wells fargo. the smaller names, though, making the top of the list. wells fargo, the difference in this, profits 2 # 2% when they had their earnings. what's wells fargo doing? any differently? any better than the other names? >> chase is fairly low on the list as well. this is a sampling of brands, not a list of every brand, but you see regionals in the middle, have a reputation of being, again, helpful, and you think about trust, it's helpful, and it's a more active level of engagement, really supporting a customer opposed to gist the information and let the buyer beware. cheryl: regional banks, again, the trust factor. bank animal --

analysts tell me you're going to see a move away from the regionals. we're seeing closures this year. we see them everyier. we're getting smaller names doing mna activity in the regional sector. do you think we're seeing a shift back to the bigger bank names? >> you know, bigger banks have been working on cost cutting to help their bottom line, help the profits, but back to you got to drive revenue, the same -- this is the same argument that the entire country's having; right? can't cut the way to growth, banks can't either. cheryl: wells fargo, the mortgage issue. it's interesting with a wells fargo and bank of america and jpmorgan chase and the mortgage melt down hasn't -- handled differently. that's a west coast bank. based in the bay area. they got exposure to a lot of the bad stuff out in arizona, nevada, california; yes, even though stock is down now, earnings came out, this guy was on a terror performing well.

what do you think of that? >> absolutely. well, they took the opportunity to drive back into the mortgage origination market. they are now owning the market in a way they didn't before the crisis, and you saw jpmorgan chase, bank of america pulled back from the market as they had all the legacy acts they were trying to deal with. wells fargo took the opportunity to drive in and take advantage as competitors down. cheryl: good to talk about the health of the banks, story of the bank, glad we got bank earnings that the market didn't like. we like you. thank you so much. >> thank you so much. cheryl: great to see you. the financial sector is driving the markets lower today. a lot of big companies coming out, a lot of pressure and bigger names. right now, the dow down 181 points. we are pushing session lows for the dow, 14574. apple hurts nasdaq, on the markets, we're watching washington for more details in breaking news out of there. you're watching "markets now," and we'll be right back. ♪

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cheryl: breaking news from washington, just getting word now here in new york that that the senate buildings have been given the all-clear by u.s. capitol police. again, the all-clear has been gifnlg for both the hart and russell senate office buildings in washington. a suspicious pack camming and letter on the third floor, boast investigated, but they have been removed according to the u.s. capitol police. we are now getting the all-clear, again, from washington. jay carney continues to have his press briefing right now in the white house. if he says more, we'll update you on the situation there out of the white house, and we want to let you know, as well, awaiting the final test, the final test on the letter that preliminarily tested for ricin, a poisen, sent to the president addressing to president obama. breaking news, of course, we'll stay on it it for markets now.

dennis: people want to buy a home now, but sellers want to wait to sell. a new survey from trulia finds 75% of americans say now is a better time to buy a home than a year from now, but 32 #% say it's a better idea to sell now rather than waiting a year, despite home inventories at a 12-year low. the chief economist, thanks for being with us. this gap between those who want to buy now and so far fewer want to sell now, why is that? >> well, the big story is that no onements to sell, but they want to buy nervousness the bottom after prices fall too far. they hit a bottom a year ago, sellers hold back and buyers get impatience. dennis: because of sellers holding back, a major contributor to the low inventory, closer to two and a half million homes to buy. >> that's right. tight envine story across the country, especially in the west, but everywhere feels it. there's little new construction to add new inventory of new

homes. dennis: surprised that the inventory, swelled up, and that was a big problem, that it just shrank so quickly? when did that happen? >> the inventory has been tightening for years now, since the bubble bust, an important part of the correction of this housing bubble. so much inventory, building, eager to sell before prices sold too much. this is the flip side of this. dennis: what makes prices go up and makes sales happen and building new homes or just sellers willing to sell as the price goes up enough? >> we'll see both, both builders wanting to build new homes, especially in markets where there's low vacancy, once prices rise enough, more sellers get above water, and sellers take advantage of the price increases. dennis: are you worried that we're setting up the next housing bubble. when so few want to sell, the government continues to give loans out there.

>> the price increases bring inventory to the market. they are low relative to income, and it's hard for people to borrow. people are not getting into house us that are more than what they afford. dennis: 1 that the next bubble? >> someday, there's going to be another bubble, but right now, far too soon to say it's formed. dennis: good answer there. thank you for being with us. >> thank you very much. cheryl: the markets, monitoring the sell off, the dow down 171 points. what you see right now is pressure not only on the dow, pushing session lows and barely off, but a lot of pressure on the s&p. the s&p 500 is pushing right now. it's 60-day moving average, levels we look at if you subscribe to that and think that way looking at the chart. this is what we see on the s&p 500 and the nasdaq down more than 2%. we want to let you know moments ago apple fell below $400 per share. apple, of course, is the shock we look at throughout the hour,

dennis. dennis: with the nasdaq testing the 50-day average. you want it higher, but they are falling. bad sign. i'm not afraid. cheryl: never afraid. you are bullish, dennis. if you're an apple investor, again, dipping blow 400, just above 400 a share. we'll continue to follow breaking news on "markets now," and melissa and lori after the commercial break. dennis: stocks plunging, and an oil expert talking whoas -- what's next for crude. cheryl: they'll talk about immigration reform, what's coming from washington, and lou dobbs is there. what else do you need for another hour of "markets now"? ♪ sure that we were on schedule.

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